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What our mortgage brokers offer Canberra home buyers
Looking to buy or refinance a property in Canberra? Our brokers can help you find the right home loan option by providing expert guidance and insights tailored to your situation.
We’ll get to know your circumstances and needs, and guide you through potential strategies and options that will help you get your mortgage approved quickly, with a better deal.
Our brokers can help you compare home loans from more than 45 leading lenders. We’ll show you which ones are the best potential match, whether it’s your first property purchase in the Canberra area, or you’re looking for a better deal on your existing finance.
Borrowers in Canberra we can help
First home buyers in Canberra
Buying a first home in Canberra has certainly become more of a challenge for many first home buyers. Like most parts of the country, property prices across Canberra have risen by significantly in recent years. To get into the market, first home buyers need to maximise every last dollar of their borrowing capacity.
Our brokers can help you do that and advise you on strategies you may be able to use to get there faster, like borrowing with a guarantor, or tapping into a government scheme for borrowers with lower deposits.
Whatever your situation, we’ll guide you through the process of applying for a home loan from start to finish, including navigating the rules on property buying specific to the ACT.
Refinancers
For existing homeowners in Canberra, now may be a great time to capitalise on equity you have built up in your property. Our expert brokers can help you understand your options, their opportunities and implications
If you simply want to refinance your home loan to a better rate, our team can help you access rates and offers from more than 45 lenders. Particularly if you still have a significant mortgage balance, the benefits of refinancing at a lower interest rate are massive.
We may even be able to find you a refinance cashback deal as a sweetener.
If you're refinancing as part of a home move and plan to buy before you sell, we can also offer guidance on bridging loans.
Investors
If you own an investment property in Canberra, you plan to acquire one, we’ll help you understand your borrowing capacity and which lenders may be the best fit. Of course, we'll also help you find the best investment property loans from our panel of lenders.
We’ll also help you with the nitty gritty of property investing, such as deciding between interest-only and principal and interest repayments, and how to best utilise an offset account.
Self-employed borrowers
If you’re self-employed, working with a broker in Canberra who knows the lending market can be particularly valuable. Not all lenders offer home loans to borrowers in your situation, but we can help connect you to the ones that do. These ‘low doc’ lenders offer home loans for self-employed borrowers specifically, with an application process and credit criteria tailored to the likes of business owners and contractors.
Bad credit borrowers
We can also help bad credit home loan borrowers in Canberra access finance from specialist lenders. Chances are if you’re in this position a major bank or your local credit union will not approve you for a loan. But there are specialist lenders who cater to borrowers with issues in their credit history. We will leverage our strong relationships with these kinds of lenders to help you get the finance you need.
How to find the best mortgage broker in Canberra
There are hundreds of mortgage brokers in Canberra and the surrounding areas. Before you decide which one to use, here are some steps to help you narrow down your options.
1
Look at online reviews
Check to see how other homeowners in Canberra rated the broker and what they said about the service they received. Are there any consistent themes (quick response times etc.)? Particularly look for reviews from buyers in a similar situation to yours.
2
Ask friends and family
Has a family member or close friend you trust used a broker in Canberra recently? If so, ask them if they would recommend their broker. There’s a good chance that if they had a good experience, you will too. This approach will be all the more effective if the person you ask is in a roughly similar situation to you.
3
How big is the broker’s panel of lenders?
Ideally you want to work with a Canberra broker who has access to a wide range of lenders – 20 is probably the bare minimum. You also want to make sure that the type of lenders the broker works with are a good match. For example, if you are self-employed but the broker only works with mainstream lenders, this may not be a great fit for you.
4
Does the broker specialise in certain types of loans?
Check to make sure the broker you’re considering does not focus exclusively on a particular type of home buyer in Canberra that does not fit with your needs. For example, investors versus owner occupiers. Some brokers say they can service all customer types but in reality a very high proportion of their clients may be looking for the same solution.
5
Ask about their commission
Brokers in Canberra and across Australia are legally obliged to act in their client’s best interests. But you should still understand how brokers get paid so you make a fully informed decision about which one is likely to be the best fit for you.
6
Watch out for any warning signs
If you have time, it’s certainly worthwhile booking in an initial consultation with several brokers in Canberra to get a sense for which one will be the best match. This is a good opportunity to identify any concerning red flags, such as brokers who guarantee a certain outcome or are cagey about explaining which lenders they can access. To save time, do these consultations over the phone or a video call so you’re not zig-zagging across Canberra for appointments.
Remember, too, that the best mortgage broker for a Canberra homebuyer may not necessarily be based in Canberra. Ultimately you want a broker who can help you with the financial aspects of the transaction and get you the best deal possible. If they don’t intimately know the area of Canberra you’re buying in, it’s probably not the end of the world. What matters is their understanding of your needs and being able to connect you to lenders than can meet them.
What’s the process for using a mortgage broker in Canberra?
Here’s a step-by-step guide on how using a mortgage broker in Canberra works:
- Initial consultation: Book in an initial consultation to meet the mortgage broker to discuss your financial situation and goals. This is where you provide details about your income, expenses, assets, liabilities, and any specific features you’d need for your loan.
- Preliminary assessment: Your broker reviews your financial details and calculates your borrowing capacity. They’ll ask you for documents like your most recent two payslips, up to six months of bank statements, and tax returns to get a clear picture of your position.
- Choosing a loan: Based on your financial assessment, your broker will present you with three to five loan options that match your needs. They’ll clearly explain the interest rates, fees, and terms of each option. They may also be able to advise on which lenders have the fastest processing times currently.
- Loan submission: Once you choose a loan, your broker will help you complete your application. They collect and submit all necessary documentation to the lender on your behalf.
- Lender communication: The broker communicates with the lender to track the progress of your application, address any issues, and relay the information to you. The lender will also order a property valuation.
- Approval and loan offer: Once your loan is approved, the lender issues a formal loan offer. The broker reviews the offer with you to make sure all terms are as expected.
- Settlement preparation: The broker coordinates with the lender, your solicitor or conveyancer, and any other parties involved to prepare for settlement. This includes ensuring all paperwork is completed and that the loan funds are ready to be transferred.
- Settlement day: On settlement day, the loan funds are disbursed, and the property transaction is completed. The broker ensures everything is in order and that the process goes smoothly.
- Post-settlement follow-up: After settlement, your broker will follow up to ensure that the loan is working as expected and that you’re satisfied with the process. They can also assist with any issues or questions that arise.
Canberra home loan insights 2024
The best mortgage brokers have their finger on the pulse of the local lending market. That means a Canberra broker should be across trends and the latest lender and borrower data:
Here are some highlights for Canberra collated by the team at MortgageBroker.com.au.
- Average home loan in the ACT: $614,242
- Average interest rate: 6.28% p.a. (owner occupier)
- Average mortgage repayment in the ACT: $3,790 (over 30 years)
- Median property value in Canberra: $845,875 (all dwellings)
- Median house value: $967,933
- Median unit value: $579,774
- Home deposit required in Canberra: $42,294 - $169,175 (5% - 20% of the median property value)
- Average time to save for a house deposit: 5 years and 9 months
- Average time to save for a deposit to buy a unit: 3 years and 7 months
Canberra property insights 2024
As a whole, the Canberra property market has not performed as well as some other capital cities over the past 12 months. The median value of dwellings (houses and units) in Canberra grew by 1.5 over the past year. This is well below the national average of 7.1%.
Over a longer time frame, Canberra has outperformed Sydney and Melbourne in terms of growth in dwelling values since the start of the COVID-19 pandemic. The median property value increased by $201,558 (+31.3%) in that period. But Canberra has been outshone by the rising star capitals of Perth, Brisbane and Adelaide.
Below are the parts of Canberra where property values have increased by most over the last 12 months.
Top performing suburbs in Canberra
| Suburb | Median value | Annual change (Aug 23 - Aug 24) |
|---|---|---|
| $835,743 | 3.4% |
| $928,211 | 3.0% |
| $819,520 | 2.1% |
| $802,248 | 1.8% |
| $978,336 | 1.6% |
6 South Canberra | $769,488 | 0.1% |
| $753,034 | -1.0% |
8 Gungahlin | $885,832 | -1.1% |
Canberra’s best suburbs for families in 2024
Here are 10 of the most family-friendly suburbs in Canberra, as rated by lifestyle brand Sitchu, along with the median house prices for each area from realestate.com.au.
- Macgregor: $785,000
- Deakin: $1,835,000
- Yarralumla: $2,187,500
- Hawker: $1,235,000
- Amaroo: $950,000
- Nicholls: $1,205,000
- Ainslie: $1,453,000
- Wanniassa: $855,300
- Kaleen: $980,000
- Bonner: $875,000
Investing in property in Canberra
For Canberra property investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent for houses
$690
Median weekly rent for units
$560
Current rental yield
4.0%
Rental growth (July 23 - July 24)
3.3%
Why should I pick MortgageBroker.com.au over other brokers in Canberra?
MortgageBroker.com.au's panel of more than 45 lenders gives you a wide range of choice, and much more than is available with some other Canberra mortgage brokers. Our experts can also support a wide range of borrower types with specific needs.
We’re experienced at getting the best outcome possible for Canberra property buyers, particularly those who want a great deal but don’t have time to spend time sitting in their broker’s office. Our brokers offer online consultations at a time that suits you, making the process simple and efficient for you. In fact, the entire process happens online, or we are always happy to jump on a call at short to help you.